Does consolidating loans hurt credit
More often than not the auction price paid will be less than the loan balance that was still owed.The auction price will get subtracted from the loan balance and any amount on the loan left over is referred to as a deficiency balance.Events (not in any particular order): Forclosure of home: July 2012 Reposession of cars (2) November 2010 Credit card debt: We had 7 open revolving lines of credit, all of which are now in bad standing.
In other words, those 2 defaulted auto loans do not exist in a box.
Hi Michael, I recently decided I was going to tackle my husbands bad credit myself.
Unfortunately, like so many, I do not have the best idea where to begin.
Are there any additional negatives on his credit report (besides the original reporting by the finance companies)?
When you default on many student loans, you limit your options to consolidate them into more affordable monthly payments, or to qualify for income based repayment plans.